Allahabad Bank has reduced its marginal cost based lending rate (MCLR) by 5 basis points across all tenors. For overnight and one month maturities, the rate has been revised to 7.95 per cent and 8.05 per cent respectively, while for three month maturities the rate has been reduced to 8.25 per cent. The new MCLR rate for six month and one year is 8.35 per cent and 8.45 per cent respectively. The new MCLR rates are effective from 1st September, 2017.

2017-07-03 :Allahabad Bank revises interest rate on home loans

Public sector lender, Allahabad Bank has revised its home loan interest rates. For loans upto Rs. 75 lakh, the rates have been revised to 8.5 per cent from 8.65 per cent earlier and for home loans above Rs. 75 lakh, the rates have been reduced to 8.6 per cent as compared with 8.75 per cent earlier. The interest rate for loans between Rs. 3 crore and Rs. 5 crore will be 8.85 per cent while it will be 9 per cent for home loans above Rs. 5 crore. The new home loan interest rates are effective from 1st July, 2017.

2017-06-12 :Allahabad Bank reduces MCLR by 15 bps

Allahabad Bank has slashed its marginal cost of funds based lending rate (MCLR) by 15 bps. For overnight, the new MCLR will be 8 per cent, while for one month and three months maturities new MCLR will be priced at 8.10 per cent and 8.30 per cent, respectively and for six months and one year, the new MCLR are set at 8.40 per cent and 8.50 per cent, respectively. The new rates are effective from 12th June, 2017.

2017-05-18 :Allahabad Bank posts net profit of Rs.111 crore

Allahabad Bank has posted a net profit of Rs. 111 crore for the fourth quarter of FY17, despite registering higher NPAs. The increase in bank’s profit is due to reduction in provisions for bad loans. Bank further notifies that it is targeting toward lending to the small sectors rather than the corporate sectors.

As per the latest results, Allahabad Bank has turned out to be the biggest gainer with addition of around Rs 1802 crore from its revalued commercial and residential real estate investments. The bank owns several expansive properties in the central business districts of Kolkata. UCO Bank credited nearly Rs 1,737 crore as gains from revaluation of real estate investments. In the case of United Bank of India, the revaluation gain was vetted at Rs 347 crore at the end of FY16.

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